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Top of the Tech
Stay on top of the key technical topics making an impact today. This month, we continue to deliver guides, forms, and updated regulation details around transitional arrangements and certificates for pensions.
Transitional arrangements and TTFACs
Our transitional arrangements page features insights from our technical experts in light of HMRC's latest guidance on the new certificates.
The page includes:
- info on transitional tax-free amount certificates and what they mean;
- frequently asked questions;
- client scenarios;
- guidance on who could benefit from a TTFAC; and
- potential actions for advisers.
On-demand webinar
Transitional arrangements and certificates for pensions
Our Senior Technical Consultant, Lisa Webster, looks at the transitional arrangements for those clients who accessed their pension under the lifetime allowance regime.
Complementary adviser guide
Transitional arrangements and transitional tax-free amount certificates
A brand-new adviser guide that will help you to understand the transitional arrangements now that the LTA has been abolished, and the complexities of the TTFAC.
Download the guide to learn about:
- the standard transitional calculation;
- transitional tax-free amount certificates (TTFACs);
- example client scenarios, and who should apply for a TTFAC;
- calculations where protection is held;
- pre-commencement pensions; and
- applying for a TTFAC.
New pension rules
A new pension era is here now that the lifetime allowance has been abolished. We’ve compiled a range of resources to help you navigate the new landscape.
Outstanding changes to new pension rules
As of the start of the new tax year, there are a few changes to the new pension rules yet to be finalised. These changes may impact:
- Clients who want to take benefits.
- Clients who want to transfer.
- Beneficiaries who want to take a lump sum death benefit payment from funds that were crystallised before 6 April 2024.
Complementary adviser guide
Testing pension benefits
Understand the likely impact of the LSA and LSDBA on your clients, and the best ways to manage benefits in light of the new pension rules.
The guide covers:
- how benefits are tested in the member's lifetime;
- how benefits are tested, and taxed, on death;
- general pensions;
- example scenarios; and
- key planning points.
Would it be possible to reintroduce the LTA?
TTFAC – proceed with caution
Be careful what you apply for
New regime uncertainties remain
What’s new in Techcentre?
To help you keep your finger on the pulse of an ever-changing regulatory and legislative landscape, our team has pulled together key insights on ISAs and pension death benefit rules.
Mixed bag of ISA changes
Helping pension trustees exercise their discretion on death
Does the gender pensions gap matter?
25 years of ISAs
Access our huge archive of technical articles, literature and insights on our Infocentre
Bitesize Technical
Delve into our range of short videos on key technical challenges that are designed to be easily digestible.
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Transitional arrangements
The lifetime allowance was replaced with new allowances on 6 April 2024. Watch as Senior Technical Consultant, Lisa Webster, walks you through the new regime and transitional arrangements.
Watch this Bitesize Technical to learn more about:
- the new lump sum allowance and lump sum and death benefit allowance;
- how the lifetime allowance usage impacts the two new allowances;
- if benefits that were crystallised under the old rules are tested again when a client passes; and
- when the standard transitional calculation is applied.
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Annual allowance
Senior Technical Consultant, Lisa Webster, explains the rules around the annual allowance, and the factors to consider when calculating the maximum allowable pension contributions.
Lisa explains:
- which clients the annual allowance applies to;
- what factors count towards the annual allowance;
- what happens when the annual allowance is exceeded; and
- if the annual allowance restricts tax relief.
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Tapered annual allowance
Tapered annual allowance aims to limit the amount of tax relief individuals with significant earnings can claim on their pension contributions.
Join Senior Technical Consultant, Lisa Webster, as she covers:
- how the tapered annual allowance works and applies to clients;
- the impact of the taper on the annual allowance; and
- whether clients will be able to use carry forward with the tapered annual allowance.
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Defined benefit accrual
Understand defined benefit pension arrangements in one three-minute bite, with Senior Technical Consultant, Joshua Croft.
Key topics covered in the video include:
- how the annual allowance is used in a defined benefit scheme;
- what the rules are around defined benefit accrual;
- how to calculate the annual allowance usage; and
- worked examples.
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Employer contributions
In this short video with Senior Technical Consultant Lisa Webster, you’ll learn how employer contributions are a tax-efficient way to remunerate employees.
Lisa will discuss:
- where employer contributions can be paid;
- how employers receive tax relief;
- an explanation of the ‘wholly and exclusively’ rule;
- salary sacrifice; and
- annual allowance and employer contributions.
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Third-party contributions
Senior Technical Consultant, Joshua Croft, takes us through the rules around third-party contributions in Bitesize form.
Key highlights in the video include:
- who could make a third-party contribution;
- who receives tax relief on the contribution;
- the limits on third-party contributions; and
- if third-party contributions can be made for non-earners.
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Net pay contributions
Senior Technical Consultant, Lisa Webster, delivers key worked examples on net pay as a method of providing tax relief on employee pension contributions.
Key points covered in the video include:
- which pension schemes can use net pay;
- how tax relief is given under net pay;
- advantages for higher and additional rate earners; and
- how net pay differs from salary sacrifice.
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Relief at source
Understand how relief at source works in practice as part of our Bitesize Technical series with Senior Technical Consultant, Lisa Webster.
As well as worked examples based on client scenarios, Lisa discusses:
- the tax relief the pension scheme will claim under relief at source;
- the tax relief that can be claimed by clients who pay more than 20% tax;
- whether non-taxpaying clients get tax relief on contributions; and
- how much clients can contribute and receive tax relief.
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Personal pension contributions
Senior Technical Consultant, Lisa Webster takes us through key points about personal pension contributions for your clients.
Key points covered in the Bitesize Technical video and article include:
- who can make personal pension contributions;
- who qualifies as a relevant UK individual;
- how much clients can contribute and still receive pension tax relief; and
- three types of relevant UK earnings.
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View more technical videos
Hungry for more technical video insights from our team of experts? Head on over to Infocentre to view more of our technical videos on demand.
Additional topics covered by our Technical Team include:
- SIPP vs SSAS
- Powers of attorney
- Annual allowance
- Consumer Duty
- And lots more…
Technical guides
All our technical guides in one place
To keep you up to date with the latest industry changes, we’ve pulled together all our technical guides in one easily-accessible location.
You can find guides on a range of topics, including:
- pension contributions
- pension benefits
- general pensions
- ISAs
Upcoming technical events
Regional Spring tour
Our ‘On the Road’ tour brings expert speakers to cities across the UK, to cover a variety of topics – including investment markets, regulation and technical issues.
Various locations
15 May - 13 June 2024
ISA rules 2024
Join Senior Technical Consultant, Joshua Croft, for a technical summary on the new rules of ISAs and what they could mean for you and your clients.
10am - 10:45am
30 May 2024
Transitional arrangements and certificates for pensions
Our highly-anticipated webinar on transitional arrangements and certificates for pensions from 6 April 2024 is now available to watch on-demand.
On-demand webinar
45 MINUTES
Luminary 2024
Join us on a national tour where our leading ladies, including Senior Technical Consultant Lisa Webster, deliver a series of talks designed to educate and inspire.
Various locations
6 - 27 June 2024
We'd love to hear from you
If you have any questions you’d like to ask our Technical Team, or have a particular topic in mind you’d like to see featured in the Techcentre, then please let us know.